Are down payments allowed on a USDA Loan?
I have been approved for a 240,000 USDA Guaranteed loan. I am wondering if I will be allowed to put a down payment on the house even though USDA is 100% financing?
Thanks.
Answers (1)
FIRST ANSWER
Check with your mortgage lender, but I've had USDA mortgage loans approved with a down payment. Of course you must meet income guidelines to qualify for this loan program, and the home you wish to purchase must be approved as 'rural' by the USDA.
Laura Giannotta
Keller Williams Realty - Atlantic Shore
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